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Dhofar Insurance estimates losses from Cyclone Mekuni to not exceed 1M rials

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Dhofar Insurance estimates losses from Cyclone Mekuni to not exceed 1M rials

Dhofar Insurance Co. (SAOG) said it expects losses from Cyclone Mekuni, which affected Yemen and Oman in late May, to not exceed 1 million Omani rials net of reinsurance.

Earlier in the week, fellow Omani insurer Arabia Falcon Insurance Co. estimated losses to amount no more than 240,000 rials. Oman Qatar Insurance Co. SAOC and Takaful Oman Insurance SAOG did not specify any amount in terms of losses incurred due to the natural disaster.

As of June 5, US$1 was equivalent to 0.39 Omani rial.